There are times in business when you need to walk away from a deal. This is a tough thing to do. I hate doing it. It takes money out of people's pockets and it makes me sick to my stomach – but sometimes you have to do it to be successful. Here are three times when it may be best to walk away from a piece of business:
When it compromises your integrity. If you have to do something that will make you feel dishonest, unethical or immoral to get the business or to fulfill you agreement, you should walk away. In the end a person's character is demonstrated by what he does when nobody is looking. If you don't feel good about it, you should not do it.
When you sacrifice the long-term potential for a short-term gain. If you need to mortgage your future for the instant gratification of an immediate deal, you should walk away. Business strategy is about playing the "long game" that is developing relationships that last. A short-term solution that damages a long-term relationship is bad business.
When you question the intentions of the other party involved in the deal. If you think the other party is "up to no good" or setting you up for failure you should walk away. If you know that the other party is out to harm you and you move forward, you are asking for trouble.
Walking away from business is horrible. It is a rare thing. The best thing you can do is set your guiding principles (things that you won't compromise, such as the items above) and stick to them.
David Lorenzo has more than 20 years of business experience as a successful corporate executive, entrepreneur, strategist, author, and speaker. He has worked with and mentored some of the world's most successful businesspeople while helping lead many large organizations to unprecedented success. His latest book is titled: Career Intensity: Business Strategy for Workplace Warriors and Entrepreneurs.
Mr. Lorenzo's experience in starting new business enterprises and repositioning under-performing business units, along with his ability to implement innovative performance improvement solutions, makes him one of today's most sought-after trusted advisors.
Mr. Lorenzo is a participant in the Wharton Fellows Program at the University of Pennsylvania, a management think tank that meets regularly to analyze and address timely business issues. He received his MBA from the Lubin School of Business at Pace University, and he received a Masters of Science in Strategic Communications from Columbia University in New York City.
Dave's blog is http://www.careerintensity.com/blog.
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